TNG Digital Sdn Bhd has expressed its full commitment to complying with Bank Negara Malaysia’s (BNM) standards after the central bank imposed an Administrative Monetary Policy (AMP) on the company for violating the Financial Services Act 2013 (FSA). TNG Digital was found to have onboarded two individuals who were under sanctions.
Although the breaches occurred over three years ago and the total transactions on the TNG Digital platform were minimal, the company acknowledged the seriousness of the violations and promptly reported them to the bank. TNG Digital has proactively cooperated with BNM in its compliance measures and has provided the bank with its own discoveries during periodic compliance reviews.
In its report to BNM, TNG Digital informed the bank about the sanctioned users it had identified. Additionally, the company conducted a thorough review and implemented improvements to its internal procedures and systems to prevent similar incidents in the future. TNG Digital sees these cases as an example of its strong commitment to complying with BNM’s regulations and policies.
TNG Digital CEO Alan Ni emphasized that the company’s top priority is its users, and it aims to reinforce their confidence in the platform’s compliance. TNG Digital will continue to cooperate with BNM, adhere to protocols, and maintain a high standard of self-accountability.
The breaches TNG Digital were in violation of the Anti-Money Laundering and Counter Financing of Terrorism policies. As a result, BNM imposed an AMP of RM600,000 on the company. TNG Digital made the payment on May 31, 2023.
In summary, TNG Digital reaffirms its commitment to compliance with BNM’s standards and has taken steps to rectify the breaches. The company will continue to work closely with the central bank to ensure adherence to protocols and a high level of self-accountability.
– Administrative Monetary Policy (AMP): A policy imposed a regulatory authority that involves the imposition of monetary penalties on entities for their non-compliance with regulations.
– Financial Services Act 2013 (FSA): A Malaysian legislation that regulates financial services and activities.
– Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT): Measures and regulations aimed at combating money laundering and the financing of terrorism.
– Sanctions Screening: The process of checking individuals or entities against a list of sanctioned or restricted individuals and entities.
– United Nations Security Council Resolutions List: A list maintained the United Nations Security Council, containing individuals and entities subject to sanctions.
– Minister of Home Affairs Domestic List: A list maintained the Minister of Home Affairs, identifying individuals and entities subject to domestic sanctions.
– Bank Negara Malaysia (BNM) – www.bnm.gov.my